Sandra Ho Named Home Lending Head At Wells Fargo

Industry expert Sandra Ho is joining Wells Fargo as its head of Home Lending Sales, the bank announced. Ho will take up this newly created role starting May 28, 2024, leading Wells Fargo’s Consumer Direct and Distributed Sales organizations. They were previously under separate leadership. Coming from JPMorgan Chase, Ho brings significant leadership experience in the lending space to the position. She will report to Serhat Oztop, head of Sales and Retail Transformation for Wells Fargo Home Lending. She most recently served as Managing Director in the Consumer and Small Business Payments division.  “With more than 15 years of experience in banking and financial services, Sandra brings a broad range of skills that will be key in helping advance Home…

Purchase, Home Equity Lending Weakness Hurt Q3 Originations

Mortgage originations fell by 3% in Q3 2023, reversing a spike in Q2 and marking the ninth decline in ten quarters, according to new data from ATTOM. Purchase and home equity lending (both -7%) induced the drop as interest rates stuck above 7% over the summer.  These declines wiped out gains in refinances, which were up 5%, the second straight quarterly increase. ATTOM attributes the refi boost to homeowners taking advantage of cash from their sky-high equity. Though some homeowners lost equity in Q3, it remained strong overall as home prices soared earlier this year, leaving Americans with plenty to borrow against. The downturn pushed residential lending activity down 26% YOY and 63% from a high point in 2021 during…

Wells Fargo Shrinking Lending Business, Plans To Focus On Existing And Underserved Borrowers

Wells Fargo is reducing its home lending footprint, a move that experts say will have major ramifications in the mortgage industry. Formerly the nation’s largest mortgage lender, the bank announced Tuesday that it is exiting the correspondent lending channel and shrinking its mortgage servicing portfolio. “We are making the decision to continue to reduce risk in the mortgage business by reducing its size and narrowing its focus,” Kleber Santos, CEO of Consumer Lending, said in a statement. The company’s correspondent arm accounted for 42% of its loan originations in Q3 2022. Demand is down across the country due to affordability issues and high mortgage rates. Lenders are seeing originations shrink, resulting in closures and layoffs. Wells Fargo has suffered the…